Are the property taxes assessed for property held in Land Trust based on the Trustee or Beneficiary? How are taxes handled for Trustees or Beneficiaries that are LLC’s or Trust?

By taxes I mean the tax scale and exemptions (senior citizen, disabled, veteran, etc.).

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You asked: Are the property taxes assessed for property held in Land Trust based on the Trustee or Beneficiary?

Answer: They are based upon the assessed valuation of the property. It has nothing to do with whether the property is in a trust or not in a trust.

You asked: How are taxes handled for Trustees or Beneficiaries that are LLC’s or Trust?

Answer: Trustees are not affected at all. Beneficiaries that are LLC’s can file as a partnership, sub-S, C-corp or not file as a “disregarded entity.”

Mr. Land Trust